There are three options you have for dividing a house when you’re divorcing your spouse. You should consider which option makes the most sense for you and your spouse so that both of you leave the marriage as well off as possible.
One person keeps the house
If one of you wants to keep the house, you can estimate its value in order to split any remaining property in a way that both of you find fair. Many couples may want to do a 50/50 split. Some may decide to go with a different distribution.
Divorce law in Virginia doesn’t require a 50/50 split of all your property, so you don’t need to worry about this aspect during a divorce. When you’re able to come to an agreement with your spouse on dividing property, the court often signs off on it.
You could refinance the mortgage to become the sole owner of the house. However, you will now have to qualify based on one income. Before getting a deal in writing with your spouse on who gets the house, check that you can afford it on your own. Otherwise, you will have to either sell or keep the house together.
Sell the house
Many couples want to sell the house to have a fresh start after the divorce. You might find it painful to continue living in the house because of the memories.
After selling the house, you could split the money based on what you two agree is fair. Both of you should hire your own appraiser to protect yourself from future disagreements about a fair selling price even if you two are going through an amicable divorce.
Keep the house together
Perhaps, selling the house immediately after your divorce isn’t the most cost-effective solution. You could agree to keep the house together for a certain period of time. This means you would both continue making your share of the payments, not that both of you have to live in the house.
Weighing the pros and cons of each option in dividing your house is important. The house was a major expense, so you and your spouse want to get the most out of it.